White House releases state-by-state data on student debt relief eligibility
The White House on Tuesday released state-by-state data on how President Biden's student debt relief plan will impact borrowers.
The big picture: Over 40 million borrowers are eligible for the debt relief, and nearly 20 million borrowers could see their entire remaining balance discharged, according to the White House.
- States with larger populations, including California, Florida, New York and Texas, have the most borrowers eligible for debt relief.
By the numbers: Nearly 90% of relief dollars will go to those earning less than $75,000 per year, according to the fact sheet.
- California has the most borrowers, with more than 3.5 million people eligible for the $10,000 debt relief, and some 2.3 million Pell Grant recipients eligible for the $20,000 forgiveness.
- Texas has about 3.3 million eligible borrowers and 2.3 million eligible Pell Grant recipients.
Of note: Increasing forgiveness for Pell Grant recipients is likely to help narrow the racial wealth gap, the White House said.
- Nearly 71% of Black undergraduate borrowers are Pell Grant recipients, and 65% of Latino undergraduate borrowers are Pell Grant recipients.
What's next: The Department of Education will release additional details in the coming weeks on how individuals can apply for the debt relief.
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